Enter other income

1. In the Taxable Refund of State/Local Income Tax field, enter any state or local income tax refunds that were deducted as an itemized deduction in a prior year.

2. In the Alimony Received field, enter alimony you've received or will receive for the tax year. (You enter alimony paid on the Adjustments to Income page.)

3. In the Taxable IRA/Pension Distributions field, enter taxable distributions from pensions, annuities, IRAs, and profit-sharing plans reported to you on Form 1099-R. (Computing the taxable portion of some retirement distributions can be complicated. See IRS Publication 575, Pension and Annuity Income, or IRS Publication 590, Individual Retirement Arrangements.)

To ensure that any IRA distributions you've entered in Quicken are prefilled in the Tax Planner, assign the tax form line item 1099-R: Total IRA taxable distrib. to transfers out of the IRA account.

4. Click the Schedule E Income -- Rents, Royalties, & Partnerships link, enter the appropriate amounts in the corresponding fields, and then click Previous. (Don't forget to include depreciation in the Expenses field. The Tax Planner automatically calculates the Total Income and Net Income/Loss fields.)

The Tax Planner doesn't take income or passive activity loss limitations into account when calculating these fields. You need to enter allowable amounts for income and passive activity loss limitations to make sure that the Tax Planner calculations are accurate.

5. Click the Schedule F Income—Farm Income link, enter the appropriate farm income amounts in the corresponding fields, and then click Previous. (Don't forget to include depreciation in the Expenses field. The Tax Planner automatically calculates the Total Income and Net Income/Loss fields.)

6. In the Unemployment Compensation field, enter the net value of all unemployment compensation that you receive. You may be required to make quarterly estimated tax payments if you receive unemployment compensation (see IRS Publication 505).

The Basic Rule. Up to 50% of Social Security benefits are taxable if total “provisional income” (adjusted gross income, tax-exempt interest and one half of Social Security benefits) exceeds a base amount: $25,000 for single taxpayers and $32,000 for married taxpayers filing jointly.

The Second Tier. A second tier of income tax of up to 85% of Social Security benefits received kicks in (1) for single taxpayers with provisional income over $34,000, (2) for married taxpayers filing jointly with provisional income over $44,000, and (3) for all married taxpayers who file separate returns, but do not live apart.

Currently, the Tax Planner doesn't automatically calculate the taxable portion of your Social Security benefits. As a result, your taxable income may be higher than expected. To compute your taxable Social Security benefits, please refer to the worksheet in your Form 1040 instructions or IRS Publication 915

8. In the Social Security RRA Income field, enter railroad retirement benefits (in the same way you report Social Security income).

In general, your benefits are taxable only if your total income is above a certain level.

Currently, the Tax Planner doesn't automatically calculate the taxable portion of your railroad retirement benefits. As a result, your taxable income may be higher than expected. To compute your taxable Social Security benefits, please refer to the worksheet in your Form 1040 instructions or IRS Publication 915.

9. In the Other Income, Gains, or Losses field, enter income from items such as prizes, awards, and gambling winnings; recovery of a bad debt; and fees received for jury duty and precinct election board duty.

Other income is one-time or irregular income, such as an inheritance, distributions from a trust, gifts, royalties, bonuses, or the occasional rental of a vacation home. Other income also includes Rental (Schedule E) and Farm (Schedule F) income or losses.

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TurboTax: Sold separately. Works with TurboTax Desktop Basic and above.